Investment consultant Redington has been appointed by advisory firm St James’s Place to provide asset allocation advice to its wealthy clients, worth £42 billion.

Redington's Dawid Konotey-Ahulu

The move comes amid nervousness among wealthy investors that inflation could erode their real worth. Redington believes it has expertise in sourcing assets that protect against this danger.

A spokeswoman for St James’s Place said it would retain Stamford Associates, a rival consultant, which selects its manager roster. But she added: “We could choose to work with Redington where their strengths meet our requirements.”

Redington, mainly an institutional adviser, was voted top consultant in this year’s Financial News Awards for Excellence.